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Economy and Business - Coggle Diagram
Economy and Business
Economic Systems
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Opportunity
More variety, choices and chances / possibility
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6 Key Concepts
Scarcity
The problem of have limited resources, such as man-made or natural resources, such as Water, Electricity, soil, sugar etc.
CELL
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Land
resources that can be found on land such as coal, water, iron and many more. These are used to make equipment and essential ingredients for living
Labour
Everyday people that work. They work for businesses who supple goods and services for consumers and that is how a company remains successful.
Making Choices
Making choices is when consumers or producers pick a choice that will help them out and make them more successful. Consumers make choices to buy goods and services for the lowest price available to save their money for further investments into businesses
Choices FEBL
Financial Choices
picking goods and services for a lower price for the consumer to remain a comfortable balance with money
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Specialisation and Trade
Trade
Importing goods that businesses or countries cannot provide them self. They buy these goods from foreign countries which allows the global economy to become stronger
Specialisation
Businesses or countries that focus on the production of a particular good. This can occur if they are in the right region or for production of the good or they have experienced people that specialise with that particular good.
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5 Economic System
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Planned Capitalist
when people own productive resources but the government determines what happens with the outcome or product
Market Socialist Economy
the government owns the productive resources while individuals decide the production or outcome of these
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Importing, Exporting and Outsourcing
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Outsourcing
Outsourcing is when a country makes the materials in your country and ship it out to other countries from them to make it for you, for cheaper
Scams
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Emotional Scams
Charity
Scammers asking for donations saying a specific charity needs help and many children will die if you dont support. The empathetic people such as older people will donate and hear nothing about it
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Romance
When a person online makes people fall in love with them. these people use model photos for people to fall in love with them. When a victim is in love with them, the scammer will ask for money, making it seem sad and something is wrong. These victims will automatically send money and then wont see a response